Fintechs Monoova and Moneytech FX have merged

B2B payments automation provider Monoova has merged with foreign exchange fintech Moneytech FX to build out its cross-border payments offering.

The terms of the merger deal were not disclosed, with Moneytech now sitting under the Monoova brand, and headquartered in Sydney with a team of around 70.

Monoova cofounder and CEO Christian Westerlind Wigstrom said the M&A deal means clients can use access a toolkit for domestic and global payment flows through a single API gateway.

“With the new Monoova platform, clients can automate the receipt, payment and management of domestic and cross-border funds – reducing costs and resource  requirements and allowing teams to focus on growth and innovation,” he said. 

“Our ultimate aim is to make the experience of moving money from Perth to Berlin as  easy as moving money from Sydney to Brisbane.”

The business offers FX for G10 currencies – the Australian, NZ, Canadian and US dollars, the Euro, Japanese yen, Norwegian krone, British Pound, Swedish krona and Swiss franc and the United States dollar from up to three working days to near  real-time. 

Monoova has moved about $50 billion through its platform since launching five years ago, serving fintechs such as Jacaranda, Hnry and Wise, while Moneytech FX has moved around $12 billion in cross-border transactions  over the last 18 months. 

Andrew Kilroe, Monoova’s Chief Vision Officer and FX lead, said: “Moving money  seamlessly and securely across borders helps clients provide a high-quality experience to  their customers and partners in overseas markets and brings financial inclusion to  underserved markets. We’re very excited at the opportunity to deliver this capability to  the Australian market.”